Program Objective:
Most accountants who start their career at the entry level, gain expertise over time in tackling segments of the accounting function but miss out on gaining an appreciation for IFRS and its overriding influence in the preparation, presentation and analysis of financial statements.
This program aims to enhance the skills of accounting personnel in a unique manner and move towards more value creating responsibilities in an organization by strengthening their ability to manage accounting tasks and interact with auditors with greater understanding, efficiency and confidence.
By the end of the 3 day program, candidates will be able to:
- Build a strong conceptual foundation for preparing ?nancial statements.
- Develop the capability to understand and apply IFRS at basic level.
- Sharpen knowledge of ?nancial statements, their analysis and interpretation and thereby be able to critically evaluate and periodically report on the performance of the company \ associates \ competitors.
- Gain the capability to interact with statutory auditors with greater con?dence.
Accountants who wish to move up to the position of preparing of ?nancial statements, interacting with statutory auditors at the time of annual audits and be capable of critically evaluating and reporting on the performance of the company/associates/competitors.
Module 1: Preparing Financial Statements
This module seeks to drill down deep into the operation of the accounting cycle starting with identification of monetary events and culminating in the preparation of financial statements. The topics covered are:
- Capturing monetary events.
- Ledger scrutiny and making adjusting/final entries.
- Overview of general purpose financial statements – what they portray .
- Gaining deeper understanding of the accounting equation- Preparing financial statements from transactions without using double entry scheme of accounting.
- Form and contents of financial statements – statement of financial position, statement of comprehensive income, statement of cash flows, and statement of changes in equity; and notes to accounts.
Module 2: Analysing & Interpreting Financial Statements
This module builds on the platform of a deeper understanding of financial statements , a super structure of tools for analysis and interpretation by considering the cases of several MNC’s.
- Reformulation of financial statements.
- Time series and cross-sectional analysis of income statement and balance sheet ratios.
- ROE the catchall measure of performance.
- Drivers of ROE.
- Analysis of growth.
- Spotting red flags in financial statements.
Module 3: Applying International Financial Reporting Standards (IFRS)
This module introduces the rules of recognition, measurement, presentation, and disclosure that underlie the preparation of financial statements, as applied to certain important business events. The topics covered are:
- Introduction to IASB, the standard setter and IFRS, the rules of measurement, presentation and disclosure.
- Changes in accounting policies/estimates and correction of errors.
- Events after the reporting period.
- Provisions, contingent liabilities, and contingent assets.
- Revenue.
- Property, plant and equipment.
- Inventory.
- Audits and various kinds of audit reports.
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